Tech Down as Momentum Turns Against Sector -- Tech Roundup

Shares of technology companies fell sharply as downward momentum persisted in the formerly stellar sector.

After a volatile week, the Nasdaq Composite remains more than 20% below its 2021 peak.

Shares of DocuSign, the digital-signature concern that was a market leader during the stay-at-home pandemic-era stock boom, plunged after projecting lackluster revenue growth for fiscal 2023. DocuSign has now wiped out about 75% of the gains since its pandemic peak.

The European Union and the U.K. opened formal antitrust investigations into whether Alphabet's Google and Facebook owner Meta Platforms sought to illegally cooperate in digital advertising.

A further step by the Securities and Exchange Commission toward forcing companies from China off American exchanges helped trigger the worst decline in U.S.-listed Chinese stocks since the global financial crisis, and sparked a second selloff in Hong Kong.

The Nasdaq Golden Dragon China Index of China-focused U.S.-listed companies closed 10% lower Thursday. Further waves of selling hit tech issues like e-commerce giant JD.com during Hong Kong trading.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

03-11-22 1722ET